If you’re a new landlord, you’re probably finding out that taking care of a rental property and its tenants isn’t easy and you have to wear many different hats all the time. One of the toughest things you’ll have to do is talk to your tenant about late rent.
At Cape Shore Property Management, we recommend that you don’t waste time or put off any discussion. When rent is late, deal with the subject immediately and remind the tenant that rent is due. Do this on the first day that it’s late. You can’t have the situation lingering because you need to let the tenant know that you aren’t going to tolerate late rent. You have bills to pay and things to take care of, so don’t wait. Reach out to your tenant right away.
Be consistent, always. When it comes to collecting rent and having procedures in place, you have to follow the same system every time. Put those procedures into writing and practice them. Follow them every single time. This will keep you consistent and the tenant will know exactly what to expect if rent is not paid when it’s due.
Landlords often ask if it’s a good idea to accept a partial payment. Perhaps your tenant cannot pay all the rent when it’s due, but he’ll offer to pay half right away and then half in 30 days. We recommend that you accept the partial payment, but then at the same time issue a 3 Day Notice to Pay or Quit. This lets the tenant know that even though you accepted some of the rent, the eviction process will continue moving forward until the full rent is paid.
You want to take care of late rent the right way. We are here to help you, so if you have any questions or you’re not sure about how to proceed with a tenant who is paying rent late, contact us at Cape Shore Property Management.